Global Payments price target lowered to $156 from $164 at Morgan Stanley

Morgan Stanley analyst James Faucette lowered the firm’s price target on Global Payments to $156 from $164 and keeps an Overweight rating on the shares. The firm was “somewhat disappointed by Global Payments’ Investor Day,” which it contends “didn’t meaningfully help improve points of confusion in the market” and likely left investors still needing more clarity on the underlying trends within parts of the business and earnings quality. While the firm maintains an Overweight rating on what it views as an “attractive valuation amid healthy fundamentals,” it thinks it will take time and consistent outperformance for the stock to work.